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Happy Money personal loans were designed for one purpose: to help you pay off high-interest credit card debt. Strictly speaking, Happy Money isn't a bank. Instead, it partners with other financial institutions to originate loans. Still, if you're asking, "Is Happy Money legit?," the answer is yes. Happy Money loans are for borrowers who are serious about eliminating their credit card debt. In our complete Happy Money review, we'll explore the great things about a Happy Money loan, as well as features that could be improved.
Happy Money makes loans to pay off other, more expensive debt. Qualified borrowers get rates that are hard to beat and a loan term up to five years.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
This personal loan is a good fit for: Borrowers with good credit looking to consolidate high-interest debt.
Low APRs: Happy Money's APRs are among the lowest personal loan rates. It's likely to be much lower than the interest rate on your credit card. Happy Money is able to keep its interest rates low by accepting highly qualified borrowers and thus minimizing risk to itself. Happy Money requires borrowers to have a higher FICO® Score than many other lenders, as well as a lower debt-to-income ratio than other lenders.
Long loan terms: Happy Money's loan terms range from 24 to 60 months. Borrowers can pick a repayment term that is long enough to give them some breathing room in their budgets. The longer the loan term, the lower the monthly payment but the more interest you pay overall. The shorter the loan term, the less a consumer ends up paying in interest.
No hidden fees: Happy Money only charges one fee: An origination fee of between 0% and 5% of the loan amount. In fact, it's eliminated fees that some other lenders cling to, like late fees, prepayment fees, and returned check fees.
Free FICO® Scores: If you accept a loan from Happy Money, you'll get access to a free FICO® Score that updates once per month. Access to your FICO® Score is valuable, as it allows you to keep track of the three-digit number used by lenders to determine your creditworthiness. As you pay down credit card debt, you'll likely see an improvement in your score as you'll lower your credit utilization ratio. Many free credit scores you find online are just simulations or approximations of your true credit score.
Get a quote without harming your credit score: While this feature isn't unique to Happy Money, it is invaluable. Happy Money will give you a quote for a loan by doing a soft credit check, which won't hurt your credit. Happy Money will only carry out a hard credit check if you decide to move ahead with the loan. This enables you to shop around for a low rate without having multiple inquiries weigh down your credit score.
Large loan amounts: A Happy Money loan can range in size from $5,000 to $40,000, which makes it a great one-stop shop for people looking for loans for debt consolidation.
APR range: The upper range of a Happy Money loan interest rate is in line with the APRs charged by many credit cards -- though credit card interest can add up a lot faster, as you don't have a fixed payment plan.
Minimum loan amount: With a minimum loan amount of $5,000, a Happy Money loan is not the right fit for someone looking to borrow a smaller amount.
Happy Money is very clear about the types of borrowers who are likely to get approved for one of its personal loans. Here are the basic Happy Money requirements:
The personal loan application process with Happy Money is simple. It works like this:
Yes, Happy Money is a legitimate company that's headquartered in California. It offers personal loans to people with good credit.
Happy Money does a hard pull on your credit when you're applying for a loan. When you're getting a quote, however, Happy Money does a soft inquiry, which will not hurt your credit.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.